LOUISVILLE, KY. — Greg Creed, chief executive officer of Taco Bell, has been named c.e.o. of Yum! Brands, Inc., effective Jan. 1, 2015. At that time, David Novak, chairman and c.e.o. of Yum!, will transition to an executive chairman role and form an Office of the Chairman, which also will include Mr. Creed and Sam Su, vice-chairman of Yum! and chairman and c.e.o. of the Yum! China division.

“This new Office of the Chairman will partner as a triumvirate on overall corporate strategy and leadership development to propel continued growth,” Mr. Novak said.

A 20-year veteran at Yum!, Mr. Creed will assume day-to-day accountability for leading the company. As Taco Bell c.e.o., Mr. Creed is credited with creating the FourthMeal and breakfast platforms, as well as such successful product lines as Doritos Locos Tacos and Cantina Bell. Previously, he was chief operating officer at the company and in international positions at KFC and Pizza Hut in Australia and New Zealand.

“Greg Creed is the ideal leader to become our next c.e.o.,” Mr. Novak said. “First and foremost, he walks the talk of our culture and is determined to take it to the next level. Next, he is a visionary business leader with a proven track record of results.”

As executive chairman, Mr. Novak will lead the company’s board of directors and support Mr. Creed on corporate strategy, innovative business and brand building ideas and leadership development. Mr. Su will continue to oversee the company’s China division while sharing best practices with general managers in other emerging markets system-wide.

“Greg, Sam and I look forward to partnering together in the coming years to continue to build the defining global company that feeds the world,” Mr. Novak said.